Image provided by: SEIU Local 503; Salem, OR
About The Oregon state employee. (Salem, Oregon.) 1944-195? | View Entire Issue (March 1, 1945)
24 ANALYSIS OF RETIREMENT ACT (Continued from Page 4) 8. All employees who are- already members of a retirement system are exempted f r o m membership in the statewide system until such , time as their system isintegrated into the state wide system. , 9. Upon request of the governing board of a city ¿or rural fire protection district, volunteer fire - fighters may become members of the system and re ceive such benefits as are agreed upon by the governing body and'the retire ment board. IV. Haw Financed I, C urrent and F uture S ervice a. Employees Contributions: After July.; 1, 1946, covered em ployees will contribute a percentage o f their salary which is actuarily deter mined to be sufficient to provide an annuity of approximately one - fourth of average salary for the last five years of employment for employees with 30 or more years of service for ordinary occupations and with 25 years of serv ice for police officers and firemen. For employees becoming members of the system when over. 3 5,'years of age, con tribution rate to be fixed at. a percent age calculated to provide one-thirtieth or one-twenty-fifth, respectively, of the annuity for each year1 of service 1 ;; (1) An employee earning more than $200 per month may elect to contribute .only on the first $200 of hisysatey, in which case his retirement benefits will be reduced accordingly. (2) An employee whose rate of con tribution exceeds 5 per cent of salary may elect to contribute only 5 per cent of his salary. b. Employer Contribution:. After July l|® 946, covered employ ing agencies will contribute a percent age of regular salaries actuarially deter mined to. be sufficient to match •the contributions zof employees, at retire ment age and to provide disability bene f it^ s Employer contributions will be on the first $2-00 of any monthly salary only. 2. P rior S ervice < a. After July I, 1947, the employing agencies will make an additional con tribution for prior service which is ac tuarially determined to provide em ployees who are in service on July, ly 1946, a retirement allowance on account o£ prior service, equal to $2.5D per month for each year of prior service up to 20 years. | (1) Prior service cost to be ^mortized over a 3 0-y ear period. ; (2) All school districts will contrib ute for prior service at a uniform rate. S K m A separate account will be kept for each employee who contributes to the ¿system. 9 What Benefits " 1. Retirement allowance. 'a. Ordinary employees who Contrib ute to the system for 3,0 years' or more will receive a- retirement, allowance ac tuarially based*''. qn,?their accumulated contributions matched by the contribu tions of the employer and which will amount to a total allowance of,approxi mately one-half of the average salary during the’ last five years of service prior to reaching age 65. b. Police" .officers, firemen, etc., as above'25 years' and age 60. c. Employees who reach retirement age with loss than 30 or 25 years of membership, respectively, will receive approximately one - thirtieth’ or ohe- twenty-fifth, respectively, of the ob- Pay Less Drug Co. La Grande “IT PAYS TO BUY AT PAY LESS”
